Saturday, September 1, 2018

Economic Concept- DEMAND

Demand is what consumers are willing and able to purchase in the market at the given period and given price.
Law of Demand : If the price of a good increases then its quantity demanded decreases, with all other things constant.
We observe this in real life too.
A new restaurant NH 209 opened near IBA with reasonable price. My batchmates and seniors visited there and gave me positive reviews. So, I and my friends visited there on Independence Day and had a wonderful lunch. What I observed that there are only 10 tables in the restaurant but everyone wants to get a reservation. So, demand for reservations goes up. People are ready to wait for the reservations for long time.

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